Goldman (NYSE:GS) Upgrades Ternium (NYSE:TX) to Neutral, Citing Valuation, Pricing

Steel manufacturer Ternium (NYSE:TX) was upgraded by Goldman Sachs (NYSE:GS) from "Sell" to "Neutral."

Goldman pointed to the valuation of the stock trading at 51%/43% discounts to Usiminas/CS.

Primarily manufacturing and processing flat and long steel products, Goldman doesn't see them under the pricing pressure competitors in Brazil are under domestically.

Ternium closed Tuesday at $33.86, gaining $1.31, or 4.02 percent. Goldman has lowered their price target from $40.60 to $37.90 on them.